Sumo Logic, an analytics and log management company based on the popular cloud technology, has raised $75 million Series F round ahead of its plans to go the IPO way. The company processes Big Data to offer real-time actionable IT insights to clients.
The company plans to use these funds to boost its artificial intelligence (AI) capabilities and expand into the Internet of Things (IoT) monitoring segment. The funds will also help the company spread its wings in new markets in Asia and Europe to cater to the increased demand.
Ramin Sayar, the company’s CEO, admitted that the investment will be instrumental in building towards the goal of raising an IPO. While he did not disclose the current valuation of the company, he revealed that the company has raised $235 million so far, ever since its inception seven years ago.
According to the CEO of Sumo Logic, the company already has a strong base of 1500 customers who are paying and more than 30,000 daily active users. Moreover, the company is said to be analyzing more than 100 petabytes data on a daily basis, which indeed is a huge amount of data. This also mandates the use of better cloud technology.
As a result of the company’s plans to foray in to the IoT monitoring space, even more data will be generated for analysis, thus making it all the more critical to develop a reliable and efficient cloud computing system to process the data.
This much talked about Series F round of Sumo Logic has been led by none other than Sapphire Ventures, Accel Partners, Greylock Partners, Institutional Venture Partners, DFJ Growth, Sutter Hill Ventures and Sequola Capital. The Managing Director of Sapphire Ventures, in fact, strongly believes that the company is on the right path to success with this $75 million round enroute to an IPO.
Some of the main competitors of Sumo Logic in monitoring log analysis include LogRhythm, Splunk and Loggly. The company counts several globally renowned brands like Toyota, Delta, Airbnb and Zuora as its clients.
The company has raised its last round of funding in 2015, after which it has witnessed steady growth. Not only has it tripled its customer base but also its annual recurring revenue ever since, thus strengthening its foothold in the niche market.
With the latest Series F funding, the company will focus on developing simpler, cheaper and more scalable solutions for technical as well as business users in order to ensure better market penetration.